I'm running a CNC router with steppers and a 7i76E, using the HY VFD and spindle. I use a 15A 24v power supply for "house" power and the X&Z axis motors, and a separate 36v 10A power supply for the other 2 NEMA 23 steppers in my configuration (dual screw Y-axis). I'm not sure what other elements are in your intended config, but 0.7A seems light, if that's what you intended.
I'm using more home/limit switches than you, and still have room to grow. I'm toying with the idea of a water flow sensor that will throw an audible and visible alert if there isn't coolant physically moving through my spindle; then after some time interval, e-stop the machine.-- just to make sure it doesn't go all China syndrome if the frightfully cheap-looking pump ever craps out.
I just finished configuring LinuxCNC to use the spindle via a USB rs485 dongle, and I'm thrilled with finally cracking that nut. Example configurations from here on this forum saved me weeks of blind exploration. After a year of building sporadically, I'm now but a meager few dozen hours from having a whirly-thing that makes chips. I'm happy with the combo of components so far!